Limited Liability Partnership (LLP) is a new form of business vehicle. However, the treatment of tax is totally difference with conventional tax computation. This presentation slide serves as a guide to understand how the LLP being taxed and the treatment of unabsorbed business loss and unabsorbed capital allowance.
Meaning of the term "Service" in Service tax as per Finance Act, 1994Abhinav Chhabra
A comprehensive analysis of the definition of the term "Service" as per Finance Act, 1994. This presentation will guide about what all are the services that can be liable to service tax subject to other provisions of the Finance Act, 1994.
What are the new VAT administrative penaltiesAhmedTalaat127
The Federal Tax Authority (FTA) shared a public clarification on 28th April 2021 about the amendments for provisions under the Cabinet Decision No 40 of 2017 for administrative penalties. VAT penalties include administrative penalties, which mean the monetary fines imposed on a person or an entity by the FTA for breaching the provisions in the Tax Law of UAE. Penalties can easily be avoided by taking the necessary precautions for non-compliance while filing the VAT report. Businesses have more time to review their data and submit an accurate VAT filing and can benefit from up to 70% waiver for their unpaid penalties if they meet the criteria.
Limited Liability Partnership (LLP) is a new form of business vehicle. However, the treatment of tax is totally difference with conventional tax computation. This presentation slide serves as a guide to understand how the LLP being taxed and the treatment of unabsorbed business loss and unabsorbed capital allowance.
Meaning of the term "Service" in Service tax as per Finance Act, 1994Abhinav Chhabra
A comprehensive analysis of the definition of the term "Service" as per Finance Act, 1994. This presentation will guide about what all are the services that can be liable to service tax subject to other provisions of the Finance Act, 1994.
What are the new VAT administrative penaltiesAhmedTalaat127
The Federal Tax Authority (FTA) shared a public clarification on 28th April 2021 about the amendments for provisions under the Cabinet Decision No 40 of 2017 for administrative penalties. VAT penalties include administrative penalties, which mean the monetary fines imposed on a person or an entity by the FTA for breaching the provisions in the Tax Law of UAE. Penalties can easily be avoided by taking the necessary precautions for non-compliance while filing the VAT report. Businesses have more time to review their data and submit an accurate VAT filing and can benefit from up to 70% waiver for their unpaid penalties if they meet the criteria.
A perfect slide for freshers who want to have a general overview of the present structure of Service Tax Mechanism. A further session on advanced understanding of service tax covering remaining aspects will be uploaded soon!
Budget 2016 was recently announced by the Finance Minister of India. This Presentation unravels the Transfer Pricing and International Tax proposals of the Budget 2016.
RSM India - Service Tax Regulations In India-An Insight (2013)RSM India
This publication by RSM India group (dated September 2013) intends to provide a broad overview of Service Tax Regulations prevalent in India and primary assistance to those transacting service business in India.
Ppt on Public Issue presented at Chinmay Tutorials by CS Professional Students Poonam Ladia, Aditi Jain, pooja Nagar, Komal Yadav, Lalit Gour, Simran Chawla
Ppt on Competition Act, 2002 presented on 17th May 2015 at Chinmay Tutorials by CS Professional Students Abhishek Agarwal, Aditya Rana, Sakshi Gupta, Shreya Chaturvedi, Shipra Pareek
it describes the bony anatomy including the femoral head , acetabulum, labrum . also discusses the capsule , ligaments . muscle that act on the hip joint and the range of motion are outlined. factors affecting hip joint stability and weight transmission through the joint are summarized.
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
This slide is special for master students (MIBS & MIFB) in UUM. Also useful for readers who are interested in the topic of contemporary Islamic banking.
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
A workshop hosted by the South African Journal of Science aimed at postgraduate students and early career researchers with little or no experience in writing and publishing journal articles.
2. This Presentation covers:
Concept of service tax and why its needed.
Valuation of taxable service.
Services under negative list.
Point of Taxation Rules, 2011.
Payment of service tax.
Registration.
Classification of services.
Reverse Charge.
2
SERVICE TAX OVERVIEW
3. History:
At the Recommendations of Raja J. Chelliah Committee.
Finance Act, 1994.
Levied at the rate of 5%
Applicable to Telecommunication,
Stock broker and Non-life insurance.
3
CONCEPT OF SERVICE
TAX
4. Extent of service tax law Section 64.
Whole of India except State of J&K
includes territorial waters upto 12 nautical miles
extended to the whole of Exclusive Economic Zone &
continental shelf upto 200 miles from the landmass
4
CONCEPT OF SERVICE
TAX
5. Why service tax is needed?
Need for higher public revenue.
Growth of services.
Shifting of spending preference from commodity to services.
Declining receipt from Excise and Custom.
Equity in taxation
5
CONCEPT OF SERVICE
TAX
7. Exclusions:
I. Immovable Property
M. Money and Actionable Claims.
A. Authority.
G. Deemed Sale (Goods).
E. Employer Employee Relationship.
7
CONCEPT OF SERVICE
TAX
8. Deemed Services :
R. Renting of Immovable Property
A. Agreement not to do something
S. Services related to information technology
C. Construction of Complex and Works Contracts.
A. Allotment of Intellectual Property for temporary use.
L. Leasing, Licensing and Hiring of Movable Property.
S. Services relating to food supply in Hotels and Restaurants .
8
CONCEPT OF SERVICE
TAX
9. Effective rate of service tax:
Effective rate 12.36%
Small service provider with turnover of taxable services
less then Rs. 10 Lac.
9
CONCEPT OF SERVICE
TAX
10. SERVICES NOT
CHARGEABLE TO TAX
10
Negative list 17 Services
Exemption list 42 Services
Other exempted services 8 Services
Excluded services 6 services
11. Negative List(Section 66D):
Services by government or local authorities.
Services provided by RBI
Service related to agriculture.
Trading of goods.
Manufacture or production of goods.
Toll charges
Betting, Gambling or Lottery
11
SERVICES UNDER
NEGATIVE LIST
12. Negative List(Section 66D):
Entertainment or amusement facilities
Transmission or distribution of electricity
Services relating to education
Financial services
Transportation of passengers
Transport of goods
Funeral Services
12
SERVICES UNDER
NEGATIVE LIST
13. 13
VALUATION OF TAXABLE
SERVICE
Whole Consideration in money:
•Value of taxable service will be gross amount charged for service.
Whole Consideration is not wholly in money
Value of taxable service will be :
Money value = XXX
+FMV of kind = +
If quantifiable = XXX
Consideration not ascertained:
As per Rule 3 of Determination of Value
Rules , 2006 i.e. value of other similar
services
If not possible then cost of services
14. Rule 3: [Main Rule] This rule is attracted when no specific
rule is prescribed for any situation.
Rule 4: Determination P.O.T. in case of change of rate of
tax. This rule is very significant in case there is change in
effective rate of tax. 14
POINT OF TAXATION
RULES 2011
15. 15
PAYMENT OF SERVICE
TAX
Mode of Payment
Payment of service tax became mandatory for all assesses who have
paid service tax of Rs. 1 Lac or above during last financial year or
current financial year.
Amendment: W.E.F. 1st October, 2014 payment of service tax shall be
made only by the use of internet i.e. online
16. A. Any person other than individual/ proprietorship
firm/partnership firm including LLP:
Electronically 6th of the following month.
However for the month of March service tax has to be
deposited by 31st March.
B. Individual/ proprietorship firm/partnership firm:
Electronically 6th of the Month following quarter.
However the quarter ending in the month of March service tax
has to be deposited in March itself.
16
PAYMENT OF SERVICE
TAX
17. REGISTRATION
17
NON SSP REVERSE
CHARGE
SSP
INPUT
SERVICE
DISTRIBUTOR
SUPERINTENDENT OF CENTRAL
EXCISE
FORM NO ST-1
WITHIN 30 DAYS
From commencement
of business or date
on which service is
taxable as the case
may be
From the date of
receipt of service or
the date of payment
for service
whichever is earlier
From the date o
n which value of
taxable service
provided exceed
Rs. 9 Lac
From the
date of
commence-
ment of
business
18. Rules for classification:
Rule 1: The most specific description.
Rule 2 : (i) naturally bundled : essential character
(ii) not naturally bundled : highest tax rate.
Rule 3: In case if service cannot be classified either as per rule 1
or rule 2: which comes first under the categories of services
specified under Section 65(105).
18
CLASSIFICATION OF
SERVICES
19. Where service receiver is liable to pay service tax instead of
service provider is termed as reverse charge. In that case
service receiver is liable to obtain mandatory registration
irrespective of any turn over limit, further limit of 10 Lac in case
SSP is also not available it means service tax is payable even on a
single penny of Rupee.
19
REVERSE CHARGE